20230709-东吴证券-商贸零售行业跟踪周报_重庆百货2023中报业绩预告高增_关注国企改革下出口_百货_黄金珠宝等板块投资机会_11页_654kb

报告摘要

Chongqing Department Store Performance: The company reported a substantial increase in 2023 first-half-year (H1) performance, with estimated net profit ranging from 89 to 97 billion yuan, representing a 5143% to 6505% year-over-year growth. This surge is attributed to state-owned enterprise (SOE) reforms, including strategic asset transfers, parental asset integration, and enhanced operational efficiency through store renovations, promotional activities, and innovative sales models, leading to an improvement in gross profit per employee from 400,000 yuan in 2018 to 600,000 yuan in 2022, with a compound annual growth rate exceeding 10%.

SOE Reform Theme: Focus on SOE-driven opportunities in three primary sectors:
- Export: Benefit from Belt and Road initiative and favorable currency factors; recommended stocks include Small Commodities City.
- Retail: SOE reforms are expected to trigger asset value reevaluation; recommended holdings include Chongqing Department Store, with additional suggestions for companies like Baisangoo.
- Gold Jewelry: Capitalize on high consumer demand and market recovery; highlighted stocks are Old Fengxiang, aligning with the "Double Hundred Action" and retail sector trends.
Recommended Stocks: Chongqing Department Store, Small Commodities City, Old Fengxiang; suggested for monitoring: Light Industry Center, Xiamen Guotrade.
Overall: Prioritize companies with strong resource advantages, such as Baisangoo's direct store model, which benefits from the gold market's buoyancy.